RE: RE: Victoria meeting

Are we the only one to understand which comes first, IMC or Bank Loan?

READ the Sangdong project description, on their website, NRs or whatever. It clearly states that the project is financed by the IMC $35 mil AND the bank loan. This implies that the bank loan in itself is insufficient to carry the project. Why would the bank loan Woulfe money if that were the case. It's the IMC $35 mil that is critical here.

No one can 'estimate', not even Woulfe management, as to when a multi national like IMC will have their lawyers complete the documents, have the management sign off on all th edetails, get it to the board for approval and have an Officer of the company execute it. This is a complex deal. I have no doubt the lawyers on both sides are very busy rying to put all the pieces together.

Is it a certainty? By no means. But they have sign off on their DD which is a significant event. Now, it's down to negotiating the terms and conditions. Not an easy task.

The only signal that we have as shareholders that the probabilities are high of a successful conclusion is the 'full speed ahead' actions to date by management. That's all we have and what is that worth? Around $0.30/share apparently.